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Pantheon Resources PLC (GB:PANR)
LSE:PANR

Pantheon Resources (PANR) AI Stock Analysis

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GB:PANR

Pantheon Resources

(LSE:PANR)

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Neutral 44 (OpenAI - 5.2)
Rating:44Neutral
Price Target:
8.50p
▲(12.14% Upside)
The score is driven primarily by weak financial performance (recurring losses and negative free cash flow), alongside bearish technicals with the price well below key moving averages. Valuation offers limited support because the negative P/E reflects unprofitable operations and there is no dividend yield.
Positive Factors
Balance Sheet Strength
Modest leverage and equity large relative to debt reduce solvency risk for this early-stage E&P. Over 2–6 months a low debt burden preserves access to capital markets or partner funding, supporting continued appraisal activity without immediate distress under commodity swings.
Asset Monetization Optionality
The business model deliberately includes farm‑outs, acreage sales and partnerships as monetization paths. Structurally this reduces the need for full self‑funding of development, enabling de‑risking of discoveries and staged value realization while limiting long‑term capital commitments.
Reduced Cash Outflow Trend (2025)
A materially smaller cash outflow in 2025 signals improving cost control or lower activity intensity. If sustained, reduced burn improves runway and lowers near‑term funding dependency, increasing the chance of advancing appraisal or structuring partner deals without rapid dilution.
Negative Factors
Persistent Net Losses
Continued net losses indicate the company remains pre‑commercial and unprofitable. Over the coming months this structural unprofitability constrains reinvestment capacity, weakens returns on equity, and means progress depends on successful exploration outcomes or external financing.
Consistently Negative Cash Generation
Negative operating and free cash flow mean the business cannot self‑fund exploration or appraisal spending. Persisting cash deficits force reliance on equity issuance, JV farming or debt, raising dilution or refinancing risk and reducing strategic optionality over several months.
Minimal and Irregular Revenue Base
An effectively nil and intermittent revenue base leaves the company exposed until projects reach production or are sold. Structurally, absence of recurring sales undermines coverage of fixed costs and makes operational continuity dependent on financing or successful asset monetization.

Pantheon Resources (PANR) vs. iShares MSCI United Kingdom ETF (EWC)

Pantheon Resources Business Overview & Revenue Model

Company DescriptionPantheon Resources Plc, through its subsidiaries, engages in the exploration and production of oil and gas in the United States. Its primary assets are the Greater Alkaid project that covers 22,804 acres located in Alaska; and the Talitha project covering an area of approximately 44,463 acres. The company was incorporated in 2005 and is headquartered in London, the United Kingdom.
How the Company Makes MoneyPantheon Resources makes money through the exploration and production of oil and gas reserves. The company generates revenue by extracting hydrocarbons from its properties and selling these commodities in the open market. Key revenue streams include the sale of crude oil, natural gas, and natural gas liquids. The company’s earnings are influenced by factors such as the volume of production, prevailing market prices for oil and gas, operational efficiency, and the successful development of its exploration projects. Strategic partnerships with other exploration and production companies, as well as agreements with service providers, also play a significant role in optimizing its operations and enhancing revenue potential.

Pantheon Resources Financial Statement Overview

Summary
Overall fundamentals are weak due to persistent net losses, minimal/irregular revenue, and consistently negative operating and free cash flow. The balance sheet is a relative positive with modest leverage, but ongoing losses and cash burn indicate continued reliance on external funding despite some improvement in 2025 loss and cash outflow.
Income Statement
18
Very Negative
Results remain weak with persistent losses across the period and no meaningful, sustained revenue base (including zero revenue in multiple years and effectively nil in 2025). Profitability is structurally challenged: operating earnings are deeply negative and net losses continue, despite occasional positive EBITDA. The main positive is a lower net loss in 2025 versus 2024, but overall earnings quality and consistency remain poor.
Balance Sheet
66
Positive
The balance sheet is relatively supportive for an early-stage E&P profile: leverage is modest with debt-to-equity around ~0.07–0.10 in recent years, and equity remains large relative to total debt. However, returns on equity are consistently negative, reflecting ongoing losses and limited asset productivity. Total assets and equity have also drifted down from 2023–2025, indicating some balance-sheet erosion over time.
Cash Flow
24
Negative
Cash generation is a key weakness: operating cash flow and free cash flow are consistently negative, implying continued funding needs. While 2025 shows a materially smaller cash outflow than 2024 (a near-term improvement), free cash flow growth has been volatile and still negative in the latest year. Overall, the business does not yet self-fund operations or investment.
BreakdownTTMDec 2025Dec 2023Dec 2023Dec 2022Dec 2021
Income Statement
Total Revenue0.000.00803.69K13.39K0.000.00
Gross Profit-18.51K-51.40K130.40K6.24K0.000.00
EBITDA-492.88K92.88K4.86M-8.40M-15.69M-8.24M
Net Income-4.84M-3.27M-1.45M-11.55M-13.95M-6.67M
Balance Sheet
Total Assets266.36M266.36M309.93M304.62M298.10M194.76M
Cash, Cash Equivalents and Short-Term Investments16.79M16.79M20.66M7.91M57.78M5.66M
Total Debt23.92M23.92M26.41M20.35M30.57M32.79K
Total Liabilities37.66M37.66M37.50M27.72M58.69M6.10M
Stockholders Equity228.69M228.69M272.43M276.90M239.40M188.66M
Cash Flow
Free Cash Flow-11.77M-2.51M-59.65M-18.33M-46.21M-28.07M
Operating Cash Flow-3.13M-2.51M-11.40M-11.37M-941.51K-3.10M
Investing Cash Flow-26.26M-31.37M-47.91M-6.34M-47.63M-24.97M
Financing Cash Flow37.88M45.54M22.18M4.96M100.69M28.93M

Pantheon Resources Technical Analysis

Technical Analysis Sentiment
Negative
Last Price7.58
Price Trends
50DMA
14.67
Negative
100DMA
20.31
Negative
200DMA
24.11
Negative
Market Momentum
MACD
-1.71
Negative
RSI
32.78
Neutral
STOCH
38.38
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:PANR, the sentiment is Negative. The current price of 7.58 is below the 20-day moving average (MA) of 7.82, below the 50-day MA of 14.67, and below the 200-day MA of 24.11, indicating a bearish trend. The MACD of -1.71 indicates Negative momentum. The RSI at 32.78 is Neutral, neither overbought nor oversold. The STOCH value of 38.38 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GB:PANR.

Pantheon Resources Peers Comparison

Overall Rating
UnderperformOutperform
Sector (65)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
65
Neutral
$15.17B7.614.09%5.20%3.87%-62.32%
63
Neutral
£394.95M-1,137.50-0.09%8.66%38.03%94.56%
61
Neutral
£180.93M-10.98-6.29%-32.66%72.67%
58
Neutral
£230.77M-2.69-26.37%4.36%-18.05%-634.88%
55
Neutral
£171.81M-4.09-11.54%-0.20%-25.68%
44
Neutral
£110.24M-25.27-100.00%-84.62%
44
Neutral
£194.73M-5.34-92.03%-16.87%21.18%
* Energy Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
GB:PANR
Pantheon Resources
7.58
-49.32
-86.68%
GB:GENL
Genel Energy
62.40
-7.60
-10.86%
GB:CNE
Capricorn Energy PLC
259.00
-55.00
-17.52%
GB:ENQ
Enquest
12.38
1.15
10.23%
GB:GKP
Gulf Keystone Petroleum
182.00
8.70
5.02%
GB:KIST
Kistos PLC
235.00
108.00
85.04%

Pantheon Resources Corporate Events

Business Operations and StrategyPrivate Placements and Financing
Pantheon Resources Raises $10m to Advance Alaskan Ahpun and Kodiak Projects
Positive
Jan 15, 2026

Pantheon Resources has raised $10 million via a conditional placing of 106.2 million new shares at 7.0 pence each to fund the planned resumption of flow testing at its Dubhe-1 well in the Ahpun project and to reprocess seismic data over the Kodiak structure. The funding is intended to support further appraisal of an estimated 282 million barrels of contingent liquids in the Shelf Margin Deltaic reservoir within Greater Ahpun, underpin a gas offtake agreement with the State of Alaska, enhance seismic imaging over Kodiak’s independently assessed 1.2 billion barrels of contingent recoverable liquids, and strengthen Pantheon’s negotiating position in ongoing farm-out discussions, while extending group working capital visibility to the fourth quarter of 2026.

The most recent analyst rating on (GB:PANR) stock is a Hold with a £8.50 price target. To see the full list of analyst forecasts on Pantheon Resources stock, see the GB:PANR Stock Forecast page.

Business Operations and StrategyExecutive/Board ChangesFinancial DisclosuresPrivate Placements and Financing
Pantheon Resources Narrows Loss, Raises Capital and Advances Alaska North Slope Development
Positive
Dec 30, 2025

Pantheon Resources reported a significantly reduced comprehensive loss of $5.0 million for the year to 30 June 2025, supported by $64 million of new funding during the year and a further $46.25 million raised post year-end, bolstering liquidity and enabling the full repayment of its Heights convertible bond by December 2025. Operationally, the company advanced its North Slope development programme with the drilling of the Megrez-1 exploration well and Dubhe-1 appraisal well at the Ahpun reservoir, continued planning and permitting work on its large certified resource base, strengthened its leadership team with a new CEO, CFO and Chief Development Officer, and deepened engagement on the proposed Alaska LNG project as it positions for potential transition from appraisal to development, with implications for future production, infrastructure access and long-term value creation for shareholders.

The most recent analyst rating on (GB:PANR) stock is a Hold with a £22.50 price target. To see the full list of analyst forecasts on Pantheon Resources stock, see the GB:PANR Stock Forecast page.

Business Operations and Strategy
Pantheon Resources Pauses Dubhe-1 Winter Testing but Sticks to Alaska Growth Plan
Neutral
Dec 22, 2025

Pantheon Resources has updated shareholders on 2025 progress and the Dubhe-1 development well, stressing that while Dubhe-1 has not yet delivered the production levels sought, it has confirmed mobile hydrocarbons and generated valuable data to refine its development plan, particularly for the Ahpun reservoir. The company has paused costly winter testing after recovering about half of the injected stimulation fluids from Dubhe-1, framing the move as disciplined capital management rather than reduced confidence in the resource base, and plans to resume more cost-effective testing in the spring alongside an accelerated appraisal program at its world-class Kodiak field, under a strengthened leadership team brought in to sharpen technical rigor and capital efficiency.

The most recent analyst rating on (GB:PANR) stock is a Hold with a £22.50 price target. To see the full list of analyst forecasts on Pantheon Resources stock, see the GB:PANR Stock Forecast page.

Business Operations and StrategyShareholder Meetings
Pantheon Resources Reschedules Investor Webinar to Foster Transparency and Growth
Positive
Dec 17, 2025

Pantheon Resources has rescheduled its investor webinar to 22 December 2025 to discuss updates and future plans with both existing and potential stakeholders. This move reiterates its commitment to transparency and engagement as it develops its Alaskan oil fields while aiming for sustainable growth and market value enhancement.

The most recent analyst rating on (GB:PANR) stock is a Hold with a £22.50 price target. To see the full list of analyst forecasts on Pantheon Resources stock, see the GB:PANR Stock Forecast page.

Business Operations and StrategyPrivate Placements and Financing
Pantheon Resources Completes Bond Repayment and Plans Shareholder Update
Positive
Dec 15, 2025

Pantheon Resources announced the final repayment of its unsecured convertible bonds through the issuance of new shares, effectively reducing the principal outstanding to nil. This strategic move strengthens the company’s financial position as it continues to focus on the development of its oil fields in Alaska. Additionally, the company plans to host a webinar on December 23, 2025, to update shareholders on the progress of the Dubhe-1 well, which remains in the cleanup phase. This engagement reflects Pantheon’s commitment to transparency and stakeholder communication as it advances its appraisal efforts.

The most recent analyst rating on (GB:PANR) stock is a Hold with a £22.50 price target. To see the full list of analyst forecasts on Pantheon Resources stock, see the GB:PANR Stock Forecast page.

Business Operations and StrategyExecutive/Board Changes
Pantheon Resources Announces Retirement of Key Director Amid Strategic Transition
Neutral
Dec 15, 2025

Pantheon Resources announced the retirement of Jay Cheatham, a Non-Executive Director and former CEO, as part of its succession plans. Cheatham’s leadership has been pivotal in shaping the company over 17 years. His departure marks a significant transition for Pantheon, which continues to focus on its strategic objectives of developing the Ahpun and Kodiak fields, aiming for financial self-sufficiency and leveraging its competitive advantages in Alaska’s oil and gas sector.

The most recent analyst rating on (GB:PANR) stock is a Hold with a £22.50 price target. To see the full list of analyst forecasts on Pantheon Resources stock, see the GB:PANR Stock Forecast page.

Business Operations and Strategy
Pantheon Resources Updates on Dubhe-1 Well Operations
Positive
Dec 2, 2025

Pantheon Resources provided an operational update on its Dubhe-1 well, highlighting the progress of well clean-up operations and the commencement of oil production. The company reported that the total cost for drilling and completing Dubhe-1 was approximately $33 million, which includes a pilot hole for core sampling and evaluation of multiple horizons. Despite the higher costs, the company maintains a positive outlook on its operational performance and future potential, with the new Dubhe pad offering opportunities for future drilling.

The most recent analyst rating on (GB:PANR) stock is a Hold with a £22.50 price target. To see the full list of analyst forecasts on Pantheon Resources stock, see the GB:PANR Stock Forecast page.

Business Operations and Strategy
Pantheon Resources Updates on Dubhe-1 Operations and Conference Participation
Neutral
Nov 12, 2025

Pantheon Resources announced its participation in the 46th Annual Alaska Resources Conference, where CEO Max Easley will engage with industry participants. The company provided an operational update on its Dubhe-1 well, which is in the early stages of flowback with ongoing well clean-up operations. This phase is crucial for demonstrating the commercial potential of the Ahpun field. The announcement underscores Pantheon’s strategic positioning and its efforts to advance development on the North Slope, with potential implications for stakeholders as the company progresses toward financial self-sufficiency and further development of its fields.

The most recent analyst rating on (GB:PANR) stock is a Hold with a £22.50 price target. To see the full list of analyst forecasts on Pantheon Resources stock, see the GB:PANR Stock Forecast page.

Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.Date of analysis: Jan 27, 2026